§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer by what amount service charges on Her Majesty's Government's overseas indebtedness have been increased by the rescheduling of debt repayments.
§ Mr. Roy JenkinsRescheduling or refinancing does not necessarily increase the service charges. We shall pay the usual charges on our drawing from the International Monetary Fund. If we draw the full $1,000 million as expected, these charges will amount to about £12 million up to the end of 1970. Later charges will depend on the Fund's holdings of sterling at that time. But charges on other debt repaid will be reduced.